This week’s TGIF considers the recent Federal Court decision in Alfonso, in the matter of Pinnacle Fire Protection Pty Ltd (in liq) v Woods [2021] FCA 1402, where liquidators sought Court approval to enter a long-term settlement agreement.
Key Takeaways
The insolvency moratorium the government put in place in 2020 kept insolvency numbers low. Once this was lifted on 1 January 2021, we all expected a wave of insolvencies, however, the various business support packages and lack of pressure from banks and the Australian Tax Office (ATO) gave businesses breathing room.
In the matter of 1A Eden Pty Limited [2021] NSWSC 82 the Court considered whether a disagreement between directors was solemn enough to wind up the company.
P, a director, applied to wind up a company that was the trustee of a unit trust.
P’s fellow directors were S and D. P said there was a deadlock and relations between them had broken down.
P and S were builders. D was a property developer. The 3 agreed to found the Co to develop a site together with P and S to share 50% of the profits and D to take the remaining half as unit holders.
This week’s TGIF considers In the matter of Habibi Waverton (in liquidation) (administrator appointed) [2021] NSWSC 1443, a recent decision of the Supreme Court of NSW in which the Court opted to use its general powers to allow a voluntary administrator to transfer shares without the owner’s consent to implement a DOCA.
Key Takeaways
Victoria's Court of Appeal has reaffirmed the risk that a disclaimer of property may be set aside where the liquidators are indemnified, and the need for liquidators to be mindful where the company holds contaminated property.
Ruby Apartments held the management rights to 242 serviced apartments in Ruby One Tower, Surfers Paradise, when Receivers were appointed on 1 August 2019.The Receivers were appointed by a secured creditor one day after Ruby Apartments had appointed an administrator. Ruby Apartments was part of the Ralan Group.
The Receivers carried on the business of apartment manager until 30 September 2019, when they sold the business as a going concern to a third party purchaser.
This week’s TGIF considers a recent decision of the Federal Court of Australia in Re Aviation 3030 Pty Ltd (in liq) [2021] FCA 1244 on section 477(2B) of the Corporations Act 2001 (Cth) (Corporations Act) and approval of a liquidator’s proposal to enter into a settlement agreement with obligations that extend beyond three months.
Key Takeaways
In this article, I observe that insolvencies in the Queensland construction industry have remained at the same concerning level for years and I ask:
Will Statutory Trusts result in a reduction?
We will only know the answer to this question with certainty after the complete rollout is finished in 2023 but in the meantime, some steps can be taken today to control the risks associated with Trusts Compliance. In this article I consider:
It is now over 6 years since the Full Federal Court handed down its decision in the appeal case of Di Cioccio v Official Trustee in Bankruptcy (as Trustee of the Bankrupt Estate of Di Cioccio) [2015] FCAFC 30 (Cioccio). The Australian Financial Security Authority recently revisited the Cioccio decision in light of a number of subsequent decisions.